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U.S. HOUSE OF REPRESENTATIVES
COMMITTEE ON FINANCIAL SERVICES
REP. BARNEY FRANK (D-MA)
RANKING DEMOCRATIC MEMBER
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FOR IMMEDIATE RELEASE
January 8, 2003 |
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Contact: Jennifer Porter Gore
202-225-4247
Kay Gibbs
202-225-7054
Oxley Contact: Peggy Peterson or Brookly McLaughlin
202-226-0471 |
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House Approves Bill to Reauthorize Flood Program; Safeguards Policyholders from Disruption in Coverage |
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Washington, DC--The House today approved a bipartisan bill cosponsored by House Financial Services Committee Chairman Michael G. Oxley (OH) and Ranking Member Rep. Barney Frank (MA) to protect flood insurance policyholders and homebuyers looking to obtain mortgages in flood-prone areas.
The bill, H.R. 11, would reauthorize the Federal Emergency Management Agency’s National Flood Insurance Program, which expired Dec. 31, 2002. The authorization would be retroactive, ensuring seamless coverage for policyholders and minimal disruptions for homebuyers.
The program offers insurance for 4.4 million homeowners. The coverage is a mortgage requirement for certain home loans in flood-prone areas.
"The need to renew FEMA’s flood program is imperative for homeowners and homebuyers across the nation," said Oxley.
"I am pleased that as its first piece of legislation this year the Financial Services Committee was able to bring forward this bipartisan bill," said Frank. "The National Flood Insurance Program represents an excellent example of the federal government working alongside the private sector to offer a national program that the private sector cannot offer alone."
The legislation was approved by voice vote.
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